Banking Computer Services Private Limited (BCS) was established in Singapore in 1976. It was co-owned by two prominent banking players, Hongkong and Shanghai Banking Corporation Limited (HSBC) and Oversea-Chinese Banking Corporation Limited (OCBC Bank). The initial objective was to provide data processing services to HSBC and OCBC Bank in Singapore.
In 1981, the Singapore Clearing House Association (SCHA) awarded BCS the contract to set up and operate the Singapore Automated Clearing House(SACH). The SACH clears Singapore dollar cheques, US dollar denominated cheques and Interbank GIRO transactions for the banking industry in Singapore.
Over the years, BCS was approached by various countries in the region which were keen to tap on BCS' expertise to implement similar systems.
In January 1988, BCS Information Systems Pte Ltd (BCSIS) was established as a wholly-owned subsidiary of BCS. It worked hand-in-hand with the SACH as the technology partner of BCS. Over the years, BCSIS has also matured to become a prominent market player in the consultancy and software development of clearing and payment systems in the region and beyond.
In July 2000, HSBC sold its 50% shareholding of BCS to OCBC Bank. In 2001, following a restructuring of the group, BCS and BCSIS became wholly-owned subsidiaries of OCBC Bank.
Today, BCS has over 25 years of learnt experience in operating and managing industry-wide services and complex projects. It is uniquely positioned in Singapore to drive, project-manage, implement and operate infrastructures for clearing and payments services.
Since being the operator of SACH in 1981, BCS has continually been seeking opportunities to enhance and improve its services and systems. In 2000, BCS has worked alongside the SCHA and The Association of Banks in Singapore(ABS) to develop and launch eGIRO to the banking industry. This system is a complete overhaul of the previous Interbank GIRO system as it allows participating banks to further automate processing of all Interbank GIRO transactions transmitted via a secured communications network. While the eGIRO project was underway, BCS also worked with SCHA and the banking industry to develop and implement the nation-wide Cheque Truncation System (CTS) in Singapore in 2003. CTS supports and facilitates the clearing and settlement of Singapore dollar and foreign currency cheques and related items